Iran has revealed plans to export gas to Europe, said a senior official recently in a report.

Iran’s main objective is to transfer the product in the form of liquefied natural gas (LNG), Oil Minister Bijan Namdar Zanganeh, was quoted as saying in an Iran Daily News report, citing Mehr News Agency.

The minister also touched on steps taken by the Oil Ministry to supply petrochemical complexes with feed asserting that the issue at stake is that producers need to pay taxes for selling feedstock to domestic petrochemical companies and downstream industries while sales to the global market is tax exempt.

He noted that companies producing feedstock are not eager to sell products to domestic customers due to tax requirements.

Zanganeh reiterated that producers will not be charged taxes on their profits from exports though for domestic activity, tax payment is required, which discourages them from working with Iranian complexes.